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The following is a record of Tamarisk Companys transactions for Boston Teapots for the month...

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Accounting

The following is a record of Tamarisk Companys transactions for Boston Teapots for the month of May 2020.

May 1 Balance 464 units @ $20.00 May 10 Sale 348 units @ $34.00
12 Purchase 696 units @ $25.00 20 Sale 626 units @ $34.00
28 Purchase 464 units @ $30.00

(a)Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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